Manulife Expands Global High-Net-Worth Business with Launch of New Office in Dubai's DIFC

Business

Manulife Expands Global High-Net-Worth Business with Launch of New Office in Dubai's DIFC

Manulife has officially opened its new office in the Dubai International Financial Centre (DIFC), marking a major milestone in the expansion of its Global High-Net-Worth (HNW) operations. With this move, Manulife becomes the first international HNW insurer in DIFC to receive a Category 4 license, enabling it to advise on and arrange life insurance contracts specifically tailored for high-net-worth and ultra-high-net-worth (UHNW) clients across the Middle East.

This launch signals Manulife’s strategic commitment to the region’s expanding wealth sector, positioning the DIFC office as a central hub for delivering innovative insurance solutions to affluent clients seeking bespoke financial planning, legacy management, and risk mitigation.

Strategic Presence for a Growing Market

Jean Wong, CEO of Manulife Global High-Net-Worth, emphasized the significance of the new office in driving global growth:

“The Middle East is integral to the global growth strategy for our HNW business. Establishing our new office in DIFC not only enhances our presence and capabilities but also connects us with a dynamic network of wealth managers, family offices, and innovators.”

With more than 20 years of experience and operations spanning Bermuda, Hong Kong, and Singapore, Manulife’s Global HNW team is uniquely positioned to deliver personalized protection and savings solutions through its international HNW brokerage network, now with expanded reach into over 150 countries.

Capitalizing on Global Wealth Trends

The launch is well-timed, as global HNW and UHNW individuals collectively manage nearly US$80 trillion in wealth. With projections showing a 38% rise in global wealth over the next five years, Manulife is set to leverage the UAE’s rapidly maturing wealth management ecosystem and growing demand for sophisticated insurance offerings.

DIFC: A Growing Insurance Hub

Arif Amiri, CEO of the DIFC Authority, welcomed the expansion, saying:

“We are delighted to welcome Manulife to DIFC, the Middle East, Africa and South Asia’s leading global financial centre. Manulife’s decision to establish its new office in DIFC underscores our position as the region’s only hub for insurance and reinsurance.”

As of the end of 2024, DIFC hosted 125 insurance and reinsurance-related firms, solidifying its reputation as the region’s top destination for insurers, reinsurers, brokers, MGAs, and risk management firms seeking growth and regional connectivity.